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“Short term volatility is greatest at turning points and diminishes as a trend becomes established.” – George Soros
It’s been a relatively volatile night in the markets as futures vacillate between modest and steeper losses. Currently, they are closer to the side of modest weakness, but that’s subject to change depending on the market’s latest whims. European markets are seeing even sharper declines as we close out another lousy September week for markets. Investor concerns about the election and an expansion of the COVID outbreak continue to keep a lid on any market upside. Despite the rising concerns over COVID, the cruise lines are a notable bright spot this morning as Barclays upgraded the group.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, market performance in the US and Europe, trends related to the COVID-19 outbreak, and much more.
September has certainly been a rough month for stocks, and the charts below show just how consistent the selling has been. The chart on the left shows a composite chart of the S&P 500’s performance this month, and the one on the right provides an hourly breakdown of performance. To sum things up, when the market has been open, investors have been selling. Besides some ever so modest gains in the opening half-hour, the rest of the day consists of investors hitting bids and unloading stocks. While the 10-11 hour has seen the steepest losses, every other hour of the day from 11 AM on has also seen losses on an average basis. Looking on the bright side, after today there are only three trading days left in the month.